Arab Today, arab today kuwait projects 24bn deficit despite spending cuts
Last Updated : GMT 01:51:06
Arab Today, arab today
Arab Today, arab today

Kuwait projects $24bn deficit despite spending cuts

Arab Today, arab today

Arab Today, arab today Kuwait projects $24bn deficit despite spending cuts

Kuwaiti finance minister Anas al-Saleh
Kuwait City - AFP

Kuwait on Monday projected a $24-billion deficit in its new fiscal year budget despite a massive spending cut due to plunging oil prices.
Revenues for 2015-2016 are projected at $41.1 billion, 43.6 percent down from estimates in the current year, Finance Minister Anas al-Saleh said.
The budget cuts spending to $65.1 billion, 17.8 percent below estimates in the current budget, the minister said.
Saleh said the budget for the new fiscal year, which starts April 1, was approved by the cabinet Monday and still needed to be debated by parliament.
OPEC member Kuwait relies heavily on income from oil, whose price has crashed by around 60 percent since last June.
The price of Kuwaiti crude has plummeted from around $103 a barrel last year to about $41 a barrel currently.
Kuwait projected a budget deficit in the past 15 fiscal years but ended up with a healthy surplus each year due to high oil prices.
But this year's deficit is the largest to date.
Oil income in the new budget is calculated on the basis of $45 a barrel, down from this year's $75 a barrel.
Saleh said the government has no plans to cut wages and allocations for development projects.
Sustained surpluses over the past 15 years have boosted fiscal reserves of the Gulf state's sovereign wealth fund to around $550 billion, according to unofficial estimates.
Kuwait has a native population of 1.25 million, in addition to 2.8 million foreigners, and pumps about 3.0 million barrels of oil per day.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kuwait projects 24bn deficit despite spending cuts Arab Today, arab today kuwait projects 24bn deficit despite spending cuts

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday